The International Monetary Fund on Tuesday cut its world Gross Domestic Product forecasts for the first time in two years and slashed expectations for emerging markets for 2019.

Parkland Fuel Corp. said it would buy a 75% stake in privately held SOL Investments Ltd and its units for $1.57 billion. Desjardins raised the target price on Parkland shares to $47.00 from $46.00. Parkland shares galloped $2.67, or 6.3%, to $44.86.

Enbridge said a natural gas transmission pipeline ruptured in a rural area north of Prince George, B.C. on Tuesday, prompting precautionary evacuations. Enbridge shares dipped 32 cents to $43.31.

On the economic slate, Statistics Canada reported Canadian municipalities issued $8.1 billion worth of building permits in August, up 0.4% from July. Strength in the non-residential sector drove the increase, while the residential sector declined for the third consecutive month.

ON BAYSTREET

The TSX Venture Exchange lost 2.23 points to 700.73

All 12 subgroups were down in the first hour, as energy and consumer discretionary stocks each wilted 1.7% and health-care ailed 1.5%.

ON WALLSTREET

Stocks fell on Wednesday as a sharp rise in interest rates has pushed investors to the sidelines.

The Dow Jones Industrial Average collapsed 259.16 points, or 1%, to begin the day at 26,171.41, as Intel and Nike lagged.

The S&P 500 let go of 32.86 points, or 1.1%, to 2,848.48, with the tech and industrials sectors underperforming. The broad index was also headed for a five-day losing streak and fell below its 50-day moving average, a widely followed technical level.

The recent rise in rates comes ahead of the start of the latest earnings season. Banks like Citigroup and Wells Fargo are scheduled to report later this week. Overall, analysts polled by FactSet expect third-quarter earnings to have risen by 19% on a year-over-year basis.

Prices for the benchmark for the 10-year U.S. Treasury gained a bit of ground, lowering yields to 3.22% from Tuesday’s 3.20%. Treasury prices and yields move in opposite directions.